Congress urges Bush action for homeowners

September 5 2007 Money.CNN.com Democrats say concrete action is needed through new legislation; turmoil from a surge in mortgage defaults expected to be muted by solid economic growth. Congressional Democrats promoting legislative solutions to the mortgage market crisis said Wednesday that a Bush administration plan doesn't go far enough to protect homeowners who face huge increases in their monthly payments when rates on their adjustable mortgages jump in the months ahead. A top administration official said the full impact on the economy of the turbulence in financial and mortgage markets has yet to play out.

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